RELATED PARTY TRANSACTIONS
|9 Months Ended|
Sep. 30, 2021
|Related Party Transactions [Abstract]|
|RELATED PARTY TRANSACTIONS||
NOTE 13 — RELATED PARTY TRANSACTIONS
The Company’s current officers and stockholders advanced funds to the Company for travel related to business meetings and due diligence with respect to acquisition targets and working capital purposes. As of September 30, 2021 and December 31, 2020, respectively, there were no balances due to officers for travel and working capital purposes.
As of September 30, 2021 and December 31, 2020, accrued compensation due to officers and executives included as accrued compensation was $0 and $79,214, respectively.
Related party sales contributed $0 and $3,262 to revenues for the three months ended September 30, 2021 and 2020, respectively, while related party sales contributed $0 and $11,565 to revenues for the nine months ended September 30, 2021 and 2020, respectively. Related party sales are comprised of sales of the Company’s hempSMART products to the Company’s directors, officers, employees, and sales team members. No related party sales were for services. All sales were made at listed retail prices and were for cash consideration.
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef